Exchange Fund Notes Tender Result

Tender date                      :   8 February 2005

Paper on offer                   :   EF Notes

Issue number                     :   2702

Issue date                       :   14 February 2005

Maturity date                    :   14 February 2007

Coupon                           :   1.70%

Amount applied                   :   HK$2,475 MN

Amount allotted                  :   HK$1,200 MN

Average price accepted (yield)   :   99.83 (1.79%)

Lowest price accepted (yield)    :   99.76 (1.83%)

Pro rata ratio                   :   About 36 PCT

Average tender price (yield)     :   99.77 (1.83% )

End/Tuesday, 8 February, 2005
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